Largest lenders in Clay County
| # | Lender | Grade | Applications | Originated | Denial rate | Median rate |
|---|---|---|---|---|---|---|
| 1 | Gate City Bank | C | 313 | 251 | 10.5% | 6.79% |
| 2 | Bell Bank | A | 311 | 233 | 12.9% | 6.88% |
| 3 | United Shore Financial Services | B | 106 | 85 | 10.4% | 6.12% |
| 4 | U.S. Bank | D | 74 | 43 | 27.0% | 6.75% |
| 5 | Rocket Mortgage | C | 69 | 61 | 7.3% | 6.99% |
| 6 | First Community Credit Union | B | 66 | 58 | 4.6% | 6.13% |
| 7 | TOWN AND COUNTRY Credit Union | B | 65 | 49 | 4.6% | 6.50% |
| 8 | Valley Mortgage | A | 54 | 45 | 0.0% | 6.38% |
| 9 | First International Bank & Trust | B | 54 | 41 | 14.8% | 6.50% |
| 10 | Western State Bank | B | 42 | 33 | 11.9% | 6.50% |
| 11 | Guild Mortgage | A | 40 | 32 | 5.0% | 6.63% |
| 12 | CMG Mortgage | A | 38 | 23 | 5.3% | 6.25% |
| 13 | Affinity Plus | C | 37 | 23 | 21.6% | 6.24% |
| 14 | Magnifi Financial Credit Union | B | 37 | 20 | 16.2% | 6.06% |
| 15 | Granite Bank | B | 36 | 28 | 11.1% | 6.38% |
| 16 | Newrez | D | 36 | 14 | 27.8% | 6.69% |
| 17 | Fairway Independent Mortgage | B | 31 | 23 | 9.7% | 6.49% |
| 18 | Mortgage Research Center | C | 31 | 15 | 19.4% | 6.25% |
| 19 | First Western Bank & Trust | B | 31 | 26 | 6.5% | 6.73% |
| 20 | Guaranteed Rate | B | 29 | 18 | 3.5% | 6.56% |
| 21 | Valley Premier Bank | – | 28 | 25 | 3.6% | — |
| 22 | Choice Financial Group | B | 28 | 24 | 10.7% | 6.25% |
| 23 | Midwest Bank | A | 26 | 23 | 0.0% | — |
| 24 | Pennymac Loan Services | C | 25 | 11 | 16.0% | 6.00% |
| 25 | Wells Fargo Bank | B | 25 | 19 | 4.0% | 6.38% |
Best approval odds in Clay County
Lowest decision denial rate among lenders that decided at least 50 applications here in 2025.
| # | Lender | Decided | Decision denial rate |
|---|---|---|---|
| 1 | First Community Credit Union | 61 | 4.9% |
| 2 | TOWN AND COUNTRY Credit Union | 52 | 5.8% |
| 3 | Rocket Mortgage | 67 | 7.5% |
| 4 | United Shore Financial Services | 97 | 11.3% |
| 5 | Gate City Bank | 288 | 11.5% |
| 6 | Bell Bank | 277 | 14.4% |
| 7 | U.S. Bank | 64 | 31.3% |
What Clay County borrowers applied for
By loan purpose
By loan type
Why applications were denied
Clay County by year
| Year | Applications | Originated | Denial rate | Median rate | Median loan |
|---|---|---|---|---|---|
| 2023 | 1,731 | 1,256 | 11.3% | 6.88% | $155,000 |
| 2024 | 1,889 | 1,357 | 12.3% | 6.88% | $175,000 |
| 2025 | 2,243 | 1,552 | 12.5% | 6.63% | $185,000 |
Frequently asked questions
12.5% of applications in Clay County were denied in 2025, against 13.6% statewide in Minnesota.
Gate City Bank, with 313 applications in 2025 and a denial rate of 10.5%.
The median mortgage application in Clay County in 2025 was for $185,000; the median property value on originated loans was $295,000.